Hello everyone,
This announcement may catch you by surprise but I'm dropping around to say that the Diesel Pool farm for SEED has just been deprecated.
Why this sudden decision?
Long story short;
It wasn't showing the results I expected at first.
- Failed to attract decent liquidity from top holders (only 6K$).
- Required almost daily monitoring from my side plus at least 5-10K$ from my own budget to keep the liquidity at a reasonable level.
- Not that significant, but also had a sunk cost (as the SEED paid daily as a yield came from my own budget).
Have been thinking about the matter for a few weeks and finally decided to take the red pill. Better now than later, let's keep SEED as a 'investment-backed token' and let's park the yield farming idea for now.
Compensation for existing LP's
TribalDex has a function to flush out all the pending rewards in the pool and it's exactly what I did.
I don't have the exact numbers but all the people who had seed-hive allocated into the pool received a little gift in the form of more SEED.
According to my calcs, around 0,029 SEED has been paid out per dollar invested.
That means, If you had around 100$ allocated into the pool, you should see in your wallet an extra 2,9 SEED. That adds up to around a 4,9% instant profit on your LP position received in SEED.
More than deserved! Liquidity Providers are brave people.
What will happen with the Diesel Pool now?
LP money is still into the pool, which I encourage to withdraw ASAP (yes, the 'action required') on the title is because you SHOULD/MUST take out your seed-hive from the pool, as it isn't giving any benefit anymore.
I'll keep 'protecting' existing liquidity providers from IL.
If you notice/feel that the pool is being manipulated, don't do ANYTHING. Wait for me to rebalance it again. I'll do this for the time being (easily 1-2 weeks) to give people more than enough time to get out.
I'll conserve the pool for now, no need to deactivate it.
TL;DR
- Take out your funds of the SEED pool ASAP.
- Liquidity providers received a little compensation 'airdrop' with the pending rewards allocated to the pool.
That's all for today. Hope you're enjoying the week and am sorry for the inconvenience.
100% of blogging rewards paid to @seed-treasury.
Remember you can follow the portfolio in real-time here:
https://cointracking.info/portfolio/seedtreasury
You can join us on Telegram and follow me on Twitter.
Posted Using LeoFinance Beta
I'll put this up in the recent @leomarkettalk incase anyone was in the pool.
Posted Using LeoFinance Beta
Thank you:)
Scam confirmed
Posted Using LeoFinance Beta
Wut, again?!!1
Posted Using LeoFinance Beta
The ol' flush n' rug.
Always has been, so...
Just exited the pool, thanks for the heads up. :)
Posted Using LeoFinance Beta
;)
See you are on top of your game. I thankfully never joined this pool and will keep my SEED safe under your guidance. I noticed someone scooped up the remaining 200 SEED on Leodex the other day and now it is seriously scarce.
Posted Using LeoFinance Beta
Sorry to hear it didn't work out and I'm looking forward to your next SEED report.
Posted Using LeoFinance Beta
tbh this isn't bad news at all.
People are avoiding the pool intentionally because they believe it will perform better than HIVE (and hence, don't want to be exposed to IL, even for 50-100% APR%).
So overall, good news and a great sign of what our SEED holders are made of.
they won't sell for pennies, they're intentionally allowing others to 'pay the price'.
I didn't want to risk either, so I decided to stay away from it from the beginning.
Posted Using LeoFinance Beta
So exciting, another use case for my flush feature!
I think we have yield farming already with the 10% on HBD.
A pool will be work always open market and will never in favor of the project ( as long it is little).
Btw, If we want yield farming for seed, maybe we can think about an second funding round we can invest in for defi farming only :)
Like if the current value of seed is 1.5$, you can add another 20k tokens for 30k$.
That would increase funds for yield farming :).
So seed doesn't pay yield but farming yield :D
Posted Using LeoFinance Beta
I am a bit sad that the pool didn't work out in the end but a big thank you for the airdrop (or flushdrop?).
Flushdrop, like the term!
Hopefully a new solution will come soon or later :)
Thanks for the heads up! I'm out. I'm sorry to see it go, as it worked quite fine for me, of course with a lot of help from you, rebalancing, to avoid IL. That's why I understand your decision.
The right decision, imo.
Times and moneys can be wasted in a more productive way.
Posted Using LeoFinance Beta
+1
I think it was a good idea, but maybe it was not the time. The defi en hive market is not mature but I think it will change.
True, agree with you
Hey man! I'm the guy with the two buy orders for 100 each.. kinda lowballin.. but I will hold these forever! I'm starting to accrue my income tokens on hive-engine.. these will be huge.. and I've read about your investment strategy and it seems really great, I love HDB too!
In my house we appreciate lowballers, however I'm theoretically 'protecting' from these kind of orders... but if ever they get filled... WP!
Thanks man!! I didn't wanna be offendending anyone!
Thank you.
Posted Using LeoFinance Beta
You're welcome.
!PIZZA
Posted Using LeoFinance Beta
a bit racist but I still love the airdrop meme :P
It's what it is. But yeah, I thought the same.
Maybe another yield token that will be funded with profits from SEED holdings (0.1% of profits to subsidise the yield token.) With a fee for entering and leaving it. Just food for thought.
Nah, I don't like 'dual tokens' systems. I'm more into making SEED more valuable/scarce.
Fair enough
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